An editorial has raised concerns over the Nigerian National Petroleum Company Limited's (NNPCL) disclosure that it spent more than ₦7.1 trillion on what it described as "energy security expenses," arguing that the expenditure is effectively a continuation of fuel subsidy payments under a different name.
According to the editorial, the term "energy security expenses" masks the reality of subsidy payments despite the Federal Government's announcement in 2023 that fuel subsidies had been removed. It argues that the continued spending contradicts the government's reform policy while Nigerians continue to bear the burden of higher fuel prices, inflation, and increased living costs.
The editorial also criticized the huge sums reportedly spent on rehabilitating Nigeria's state-owned refineries over the past decade, noting that the facilities remain largely non-functional despite investments running into billions of dollars. It questioned why the country continues to rely on imported petroleum products even after the commencement of operations at the Dangote Refinery.
Furthermore, it called on the National Assembly to launch a comprehensive investigation into NNPCL's financial activities, including the reported subsidy-related expenditures, refinery rehabilitation costs, and outstanding audit queries covering transactions between 2017 and 2023.
The editorial stressed that greater transparency and accountability are necessary to restore public confidence in the management of Nigeria's oil sector. It also argued that government resources should be redirected toward sectors such as transportation, agriculture, healthcare, and housing, which it said would provide more direct benefits to citizens than continued spending on fuel subsidies.
The piece concludes that Nigerians deserve a clear explanation of how public funds are being spent and urges authorities to ensure that the nation's oil wealth is managed in the public interest.
Source: Dailytrust.
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